Freedom Financial Hldgs. Inc. (FDVA)

[Enterprising Investor]

Freedom Bank makes key hire as public stock offering ends (12/11/14)

By Mark Holan

Richard Hutchison has joined Freedom Bank of Virginia as senior vice president and chief mortgage officer. He was previously in a similar role at Virginia Heritage Bank, which merged with EagleBank in October.

In addition to running the mortgage division, Hutchison will assist senior management in attracting and retaining high-value relationships, according to a release.

The hire comes as Freedom closes out a $4 million public stock offering Friday, and ahead of a $3 million rights offering among existing shareholders that runs Dec. 22 through Jan. 31.

Freedom CEO Craig Underhill told me the $9 per share public offering has attracted more than the roughly two dozen investors he expected, but the capital raise will not reach the $4 million maximum. The final number should be available by Dec. 15.

Freedom (OTCQX: FDVA) stock closed at $8.35 Thursday.

http://www.bizjournals.com/washington/blog/2014/12/freedom-bank-makes-key-hireas-public-stock.html